Dishman Carbogen Amcis raises Rs 90 crore through two NCDs

Dishman Carbogen Amcis Limited raised Rs 90 crore through two secured non-convertible debenture private placements in August and September 2026, fully utilising both issues without deviation from their disclosed objects. The Rs 75 crore issue closed on August 17 and the Rs 15 crore issue on September 28, with 100% asset cover reported at September 30.

How much did Dishman Carbogen Amcis raise through the two NCD placements?

Dishman Carbogen Amcis raised Rs 75 crore on August 17, 2026 and Rs 15 crore on September 28, 2026, taking the two private placements to Rs 90 crore. Both issues comprised senior, secured, rated, listed, transferable, redeemable and taxable non-convertible debentures, or NCDs, with a face value of Rs 1 lakh each.

The August issue comprised 7,500 NCDs and received listing and trading approval from BSE Limited on August 19, 2026. The September issue comprised 1,500 NCDs and received BSE approval on September 29, 2026. The later placement was one-fifth the size of the August issue and was completed 42 days later.

The Rs 90 crore total covers only the two new placements disclosed for the quarter ended September 30, 2026. It is separate from other listed NCDs discussed in the filing, including Rs 50 crore, Rs 50 crore and Rs 18 crore issues with their own security and payment arrangements.

What did Dishman Carbogen Amcis use the NCD proceeds for?

Dishman Carbogen Amcis reported full use of the Rs 75 crore August proceeds and the Rs 15 crore September proceeds, with no deviation from the stated objects in either disclosure document. Both utilisation statements, dated September 30, 2026, were placed before the audit committee on November 13, 2026, and the committee noted them.

The stated purposes for the Rs 75 crore issue were capital expenditure, including maintenance capital expenditure at existing Gujarat manufacturing units, working capital, repayment of existing financial indebtedness, general corporate purposes and issuance costs. The filing gives no rupee-by-rupee allocation across these purposes within the Rs 75 crore raised.

The Rs 15 crore issue had the same broad purposes, while additionally naming reimbursement of capital expenditure already incurred. The company said no approval was required to change the objects for either issue because there was no variation as of September 30, 2026. The filing defines a deviation as a change in the purpose of the funds or in the amount used against the original disclosure.

What security supports Dishman Carbogen Amcis NCDs?

Dishman Carbogen Amcis said both new NCD issues were secured by a charge on an identified freehold non-agricultural land parcel belonging to Dishman Infrastructure Limited. The company reported 100% asset cover for the principal and interest of both the Rs 75 crore and Rs 15 crore NCDs as of September 30, 2026.

Other disclosed NCDs had different collateral arrangements. A Rs 50 crore issue was backed by a first-ranking exclusive charge on identified Dishman Infrastructure land, while another Rs 50 crore issue was secured by company properties, properties of promoter Arpit J. Vyas and Dishman Infrastructure land.

A separate Rs 18 crore issue was secured by identified properties of Arpit J. Vyas, according to the September-quarter filing. The filing does not provide an assessed monetary value for the land or properties supporting the NCDs. It reports asset cover of 100% of principal and interest instead.

How did the placements fit into Dishman Carbogen Amcis debt activity?

Dishman Carbogen Amcis paid Rs 49.99 crore of principal and interest on another senior secured listed NCD between July 13 and July 15, 2026, ahead of its July 17 due date. It also paid quarterly interest and made a partial principal redemption on a Rs 50 crore NCD on July 17, before the July 20 due date.

Quarterly interest on another Rs 50 crore NCD due September 26 was paid between September 22 and September 25, 2026. Interest due September 9 on the Rs 18 crore NCD was paid on September 4 and September 7. The filing said no principal payments fell due during the September quarter on either of those two instruments.

Standalone cash flow showed Rs 159.35 crore of proceeds from non-current borrowings in the six months ended September 30, 2026, against Rs 87.78 crore of repayments. In the year ended March 31, 2026, proceeds were Rs 130.69 crore and repayments were Rs 201.40 crore. The reported flow therefore changed from repayment exceeding proceeds in the prior full year to proceeds exceeding repayments in the six-month period.

Standalone financing activities generated net cash of Rs 45.10 crore in the six months ended September 30, 2026, compared with net cash used of Rs 119.59 crore in the year ended March 31, 2026. Interest paid was Rs 44.70 crore in the six-month period, while the standalone debt-equity ratio was 0.19 times at September 30, compared with 0.17 times a year earlier.

What did the September 2026 standalone figures show?

Dishman Carbogen Amcis reported standalone net worth of Rs 3,873.64 crore at September 30, 2026, down from Rs 3,970.66 crore at September 30, 2025. Standalone net loss after tax was Rs 49.18 crore for the six months ended September 30, 2026, compared with a loss of Rs 10.93 crore in the corresponding prior-year period.

The standalone current ratio, calculated as current assets divided by current liabilities, was 0.91 times at September 30, 2026, versus 0.86 times a year earlier and 0.79 times at March 31, 2026. Total debts to total assets were 0.14 times at September 30, compared with 0.13 times a year earlier and 0.12 times at March 31.

Standalone operating margin was negative 8.05% for the six months ended September 30, 2026, against positive 6.37% in the comparable prior-year half. The debt service coverage ratio, annualised on a trailing-12-month basis under the filing's methodology, was 0.10 times, down from 0.24 times a year earlier.

The audit committee reviewed, and the board approved, the standalone and consolidated results on November 13, 2026. Statutory auditors carried out a limited review for the quarter and half year ended September 30, 2026.

Conclusion

The two private placements provided Dishman Carbogen Amcis with Rs 90 crore of secured NCD funding in August and September 2026, while the company reported complete utilisation without changes to the disclosed purposes. The fundraisings occurred alongside a Rs 49.99 crore NCD payment in July and other scheduled interest and redemption payments during the quarter.

Investors can watch later disclosures for further debt issuance, repayments and changes to security cover over the Dishman Infrastructure land. The disclosed uses include capital expenditure, working capital, debt repayment and corporate purposes, but the filing does not specify how the Rs 90 crore was divided among those uses.